When the regulator knocks, will you be ready? - Nabarro
When the regulator knocks, will you be ready? - Nabarro
When the regulator knocks, will you be ready? - Nabarro
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“Many <strong>regulator</strong>s have a broad armoury of powers to search premises and<br />
take away documents. In some cases, it is a criminal offence to fail to cooperate<br />
with an investigation. Companies are <strong>the</strong>refore well advised to develop<br />
proper internal procedures to ensure that staff are aware of <strong>the</strong>ir rights and<br />
obligations in <strong>the</strong>se situations.”<br />
Cyrus Mehta, EU/Competition Partner<br />
5<br />
Who within <strong>you</strong>r business has<br />
primary responsibility for managing<br />
reputational risks posed by<br />
<strong>regulator</strong>s<br />
70%<br />
60%<br />
50%<br />
40%<br />
30%<br />
67%<br />
20%<br />
10%<br />
The main<br />
board<br />
16%<br />
10%<br />
Head of<br />
legal<br />
Dedicated<br />
board director<br />
4% 2% 1%<br />
CEO<br />
Managing<br />
director<br />
O<strong>the</strong>r<br />
6<br />
Do <strong>you</strong> have internal procedures for<br />
<strong>regulator</strong>y crisis management<br />
90%<br />
80%<br />
70%<br />
86%<br />
60%<br />
50%<br />
40%<br />
30%<br />
20%<br />
10%<br />
9%<br />
5%<br />
Yes No Don’t know<br />
Whilst many of <strong>the</strong> companies we surveyed did not have training<br />
programmes in place, <strong>the</strong> vast majority – 86% – do have policies set up to<br />
deal with <strong>regulator</strong>y crisis management. The management responsibilities<br />
for dealing with <strong>the</strong> reputational risks inherent in dealings with <strong>the</strong> <strong>regulator</strong><br />
generally sit at board level, which is a reflection of <strong>the</strong> importance attached<br />
to such matters.